How much do you know about money? Many of us make simple mistakes that cost us hundreds, if not thousands of dollars a year.

According to a recent study by The FINRA Investor Education Foundation, only 37% of Americans have high financial literacy. 29% of 18-34 year-olds with a mortgage have been late with a monthly payment and more than one in four people use high-cost forms of borrowing like pawn shops and payday loans.

And even worse, many of us think we know much more about personal finance than we do.

In this episode we have simple fixes for money mistakes. Our guest, ABC News Chief Business, Technology and Economics Correspondent Rebecca Jarvis, explains how a few simple steps will improve our chances of staying out debt and avoiding scams.